MP Podcast — 27

MP27

  • Obamacare refunds are delayed by the IRS.
  • Rich people paying less taxes: possibly a misconception and generalization.
  • Tax returns are found on the streets of Philadelphia; investigation continues.
  • “Some enrollees will have to pay back part of their subsidies or receive smaller refunds if they underestimated their incomes. Others may get larger refunds if they earned less than they anticipated.
    The IRS needs to get the 1095-A forms, which includes the subsidy data, from the state exchanges to confirm the information taxpayers put on their return is correct.

    Olson’s comments are the latest headache for Obamacare enrollees and the Obama administration. Last month, administration officials said that 800,000 enrollees received incorrect 1095-A forms. That forced the majority of them to delay filing their tax returns until they get updated forms. (Some 50,000 people who had already sent in their returns will not have to amend them.)

    Also, scores of people who paid a penalty for remaining uninsured in 2014 told CNNMoney that their refunds were delayed.”
            ― CNN Money

    “The second problem with looking purely at state and local taxes is that taxpayers can deduct state and local taxes from their federal taxes. So some of that tax burden shifted to the middle and lower class at the state level is given back by the federal government. The federal tax system, in other words, rebalances or cancels out some of the regressive structure of the state and local taxes.

    ‘There is an interaction between the federal, state and local systems,’ Williams said. ‘The federal system offsets some of the regressiveness of the state level.’

    In other words, saying the tax system is upside down based on state and local taxes is like studying the estate tax or mansion tax and saying millionaires pay all the taxes in America.”
             ― Robert Frank (NBC News)

    “Santiago showed the documents to NBC10’s Christine Maddela who took them to local accountant Michael Falco. Falco told NBC10 the documents were actual tax returns, showing where people work, their income and even information about their children.

    ‘For the people who have documents here this could turn into a nightmare,’ he said. ‘I’ve never seen anything like this before. This is unbelievable.’

    Falco, a former FBI agent who specialized as an accounting technician and has done thousands of tax returns, said he immediately noticed several suspicious things about the documents. The most glaring being the fact that several different names were filing from the same address.”
             ― David Chang (NBC Philadelphia)

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    Links
    IRS delaying refunds for thousands of Obamacare enrollees
    U.S. Companies Are Stashing $2.1 Trillion Overseas to Avoid Taxes

    Health officials would add $2 tax to packs of cigarettes in California
    Soda Distributors Complain About Berkeley’s Follow-Through on Soda Tax
    Do the Rich Pay Lower Taxes than You?

    Your Gluten-Free Diet May Be a Tax Write-Off
    Tax Returns for Hundreds of People Found in Philly Street

    Music
    Arkasia – Nothing Left
    Seven Lions – Isis (VIP Mix)
    SizzleBird – Magic Lantern

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